UK Inquiry Tracker

NS&I’s transformation programme

Public Accounts Committee Open Inquiry

Opened: 10 Jul 2025 Parliament page

National Savings and Investments (NS&I), which borrows on behalf of government from retail investors via products such as premium bonds, has around 25m savers with over £230bn invested. It is undertaking a business transformation programme to replace Atos as the single supplier of its back-office and customer-facing functions with a … Read more National Savings and Investments (NS&I), which borrows on behalf of government from retail investors via products such as premium bonds, has around 25m savers with over £230bn invested. It is undertaking a business transformation programme to replace Atos as the single supplier of its back-office and customer-facing functions with a multi-supplier model. Launched in 2019, the programme’s intention was to reduce costs, address major risks around legacy technology and enable NS&I to be more flexible in the way it responds to customer demand. When the PAC reported on the programme in March 2024 , it found a project that had already been significantly delayed, owing to bidders for one of the contracts submitting proposals that did not meet NS&I’s requirements. Its report raised concerns that significant problems with procurement on the programme could leave limited flexibility or room for further delays. The PAC asked for regular progress updates on the programme, with a January 2025 update from NS&I’s Chief Executive outlining a revised approach to the programme. The National Audit Office (NAO) reports on the programme in 2025 , with a study exploring progress in NS&I’s transformation and how the programme has been managed to date. Following the NAO’s report, the PAC will take evidence from NS&I and senior HM Treasury officials, with likely topics for scrutiny including challenges with legacy IT and procurement, and how the programme’s intended benefits will be realised. If you have evidence on these issues, please submit here by 23:59 on Thursday 4 December 2025. Please look at the requirements for written evidence submissions and note that the Committee cannot accept material as evidence that is published elsewhere. You can request anonymity or confidentiality when you send evidence, but it is the Committee which decides what information to publish and how. It may treat submissions confidentially, even where you have not requested this. Please note that the Committee’s inquiry cannot assist with individual cases. If you need help with an individual problem you are having, you may wish to read the information on Parliament’s website about who you can contact with different issues . Show less

5 Recommendations

24 Conclusions

1 Report

1 Oral session

7 Letters

1 Event

Activity timeline 11 events

7 Apr
2026

Report published

Treasury minutes: Government response to the Committee of Public Accounts on the Sixty-seventh report from Session 2024-26

2 Mar
2026

Correspondence

Letter from the Chief Executive of NS&I relating to the NS&I transformation programme, 26 February 2026

13 Feb
2026

Report published

67th Report - NS&I’s transformation programme

12 Feb
2026

Correspondence

Letter to the Chief Executive of NS&I regarding Notification of two contingent liabilities – operational and fraud losses, 12 February 2026

19 Jan
2026

Correspondence

Letter from the Permanent Secretary at HM Treasury relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Tran…

19 Jan
2026

Correspondence

NS&I’s Risk Management Framework [this relates to the letter (no. 2) from NS&I’s Chief Executive Officer]

19 Jan
2026

Correspondence

Letter from the Chief Executive Officer at NS&I relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Transfo…

18 Dec
2025

Oral evidence

Oral evidence session

18 Dec
2025

Correspondence

Letter from Chief Executive NS&I regarding NS&I Departmental Minute Laid-Notification of Two Contingent Liabilities, 17 December 2025

18 Dec
2025

Formal meeting (oral evidence session) · The Grimond Room, Portcullis House

Committee event

15 Dec
2025

Correspondence

Letter from the Chief Executive of NS&I relating to the NS&I Business Transformation Programme, 05 December 2025

Oral evidence sessions 1 session

18 Dec 2025

View on parliament.uk

Dax Harkins · National Savings and Investments James Bowler CB · HM Treasury Matthew Smith · National Savings and Investments Sam Beckett · Department for Business, Energy and Industrial Strategy Stephen Farrington · HM Treasury

Reports 1 report · click to expand

Title	HC No.	Published	Items	Response
67th Report - NS&I’s transformation programme	HC 1237	13 Feb 2026	29	Responded

Recommendations & Conclusions

5 results

2 Recommendation Accepted

67th Report - NS&I’s transformatio…

Seek positive attestation on NS&I implementing culture review recommendations and leadership learning lessons.

NS&I’s positive news culture has meant it has not learned lessons, which has affected its ability to deliver the programme. NS&I told us that that it promotes a “can do” attitude and culture; while this has benefits in encouraging commitment … Read more

Government Response

The government agrees and commits to presenting an initial plan for business-wide cultural change, addressing review findings, to the Board/Treasury in early Summer 2026 for implementation over 12-18 months. It also notes ongoing governance revisions to incorporate feedback and challenge.

HM Treasury

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3 Recommendation Accepted

67th Report - NS&I’s transformatio…

Strengthen and embed NS&I's new risk management framework, reporting progress to the Committee.

It has taken NS&I far too long to develop a risk management framework, which has left the taxpayer exposed to unacceptable risks. NS&I launched multiple procurements and planned to deliver four transitions in parallel with no understanding of the risks … Read more

Government Response

The government agrees with both recommendations, committing to Mr Goldstone reviewing the application of the new risk management framework and NS&I writing to the Committee by June 2026 on its progress in implementing and embedding the framework.

HM Treasury

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4 Recommendation Accepted

67th Report - NS&I’s transformatio…

Write to the Committee detailing resource management strategy, consultant use, and supplier contract management.

NS&I has failed to support the Programme with the skills and expertise it needs to deliver successfully. As an organisation with most of its operations contracted out to Atos, it is not surprising that NS&I had limited experience of digital … Read more

Government Response

The government agrees and commits to NS&I setting out its resource management strategy, including consultant and supplier contract management, to the Committee within six months.

HM Treasury

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5 Recommendation Accepted

67th Report - NS&I’s transformatio…

Amend NS&I's reporting to include additional metrics on Programme cost and progress.

NS&I’s governance structures still do not have the performance metrics and information needed to hold the Programme to account. It is difficult to establish the cost of the Programme from the information provided by NS&I. The Treasury told us that, … Read more

Government Response

The government agrees, stating that NS&I has already implemented new monthly reporting metrics for delivery progress and spend, will complete a full spend audit by Q1 2026-27, and is working to enhance financial reporting across governance forums.

HM Treasury

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6 Recommendation Accepted

67th Report - NS&I’s transformatio…

Report to Committee on Treasury's assessment of NS&I's plan, budget, and oversight lessons.

The programme had suffered several serious setbacks before the Treasury gave it the attention it deserved. While NS&I is responsible for the Programme, the Treasury is NS&I’s sponsor department and, given its wider role in promoting good practice in managing … Read more

Government Response

The government agrees, stating the Treasury will assess NS&I's integrated plan through a new Full Business Case via the Treasury Approval Panel process, requiring external assurance and considering David Goldstone's advice. It also highlights actions already taken, such as bolstered Board representation and engaged skilled support, as examples of lessons learned from oversight.

HM Treasury

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Government Response AI assessment · 22 of 5 classified

Accepted 5

Acknowledged 16

Not Addressed 1

Total 5 recs + 24 conclusions

Correspondence 7 letters

2 Mar 2026 To committee Letter from the Chief Executive of NS&I relating to the NS&I transformation programme, 26 February 2026

Parliament page

12 Feb 2026 From committee Letter to the Chief Executive of NS&I regarding Notification of two contingent liabilities – operational and fraud losses, 12 February 2026

Parliament page

19 Jan 2026 To committee Letter from the Permanent Secretary at HM Treasury relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Transformation Programme, 13 January 2026

Parliament page

19 Jan 2026 NS&I’s Risk Management Framework [this relates to the letter (no. 2) from NS&I’s Chief Executive Officer]

Parliament page

19 Jan 2026 To committee Letter from the Chief Executive Officer at NS&I relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Transformation Programme, 13 January 2026

Parliament page

18 Dec 2025 To committee Letter from Chief Executive NS&I regarding NS&I Departmental Minute Laid-Notification of Two Contingent Liabilities, 17 December 2025

Parliament page

15 Dec 2025 To committee Letter from the Chief Executive of NS&I relating to the NS&I Business Transformation Programme, 05 December 2025

Parliament page